Methods and apparatus for preloading a bearing are provided. The apparatus includes a rod having a first end and a second end adapted to be removably mounted to a shaft; a device for compressing a hub against the outer race of a bearing to provide the preload to the bearing; and a cylindrical frame positioned between the device for compressing the hub and the hub. These methods and apparatus include preload monitoring devices whereby the mechanic can accurately monitor and regulate the preload to a bearing or bearing assembly. Aspects of the invention may also be used to adjust the endplay on a bearing or a bearing assembly. In one aspect, the preload to the bearing is transmitted through a housing having a fluid whose pressure can be detected and monitored. An apparatus for precisely rotating a nut and a tool for precisely rotating a nut are also provided.